Real Estate activity began to rise in October with a significant 23.7% increase in overall pending sales. This brought the total to 987 homes under contract in 2019 as compared to 798 homes under contract in October 2018. There was a surge in home showings and price reductions slowed. Our own listings saw an increased amount of traffic, and two of our listings went under contract, after receiving multiple offers.
Closed sales in October increased 9.7% to 758 compared to 689 closed sales in October 2018.
Overall, inventory decreased in October by 17.7% to 5,351 homes for sale, there were 362 more homes that came onto the market when compared to September. The new construction market has builders pricing homes well and offering incentives to buyers. These new construction communities are adding homes to the ‘sweet spot’ of buyers, with homes priced under $500,000, according to Jeff Jones, a local Naples broker. “This influx of new construction is probably why the median closed price in that range hasn’t shifted much”.
Homes priced at the upper end of the market, with closing prices at $2 million and above rose 8% in October 2019. Over 50% of the Naples market are priced under $500,000, the overall median closed price for the entire market appears to be decreasing. That overall media closed price decreased 3% in October 2019 from $329,950 as compared to October 2018 at $340,000.
Jones noted that homes built prior to the current coastal design esthetic are lingering on the market due to the growing unpopularity of the older Tuscan designs.
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